Introduction
Shaping Sustainable Economic Recovery in the Caribbean- Challenges and Opportunities.
Challenges – Climate change
Challenges - Dependency Syndrome
Any of increase of oil prices on the world market affects the island negatively through increase operating cost for businesses, which is then passed on to the consumer. This in turn reduces consumer’s disposable income through inflation, creating that anxiety and uneasiness in the economy, thereby stifling overall growth and production of the economy.
Negative external shocks such as; terrorism, health epidemics, economic recessions and political instability. In the case of terrorism, this can deter persons from traveling to the island, thus crippling the country’s revenues. Outbreak of Health epidemics in our region also affects the revenues and smooth economic operations. As for economic recession and political instability, these can be considered as self-explanatory since they are capable of distorting the economic equilibrium.
The ever-increasing cost in the production of food in our main trade market of the US for example, affects us negatively on the domestic front. This increased cost of production is normally passed on or felt by the consumer as an additional burden through reduced disposable income. For the business sector, such situation reduces profits and can eventually lead to unemployment, which are a deterrent to economic growth and development.
Opportunities & Innovations
Development through music, sports, science and the arts – The Jamaican sporting and musical icons such as Bob Marley and Usain Bolt are major attractions that enhance the Jamaican tourism product as a destination.
We can look to our veteran & young and talents such as the Mighty Dow who has a steel pan tour and King Vers who is growing in popularity across the region.
(Carbon dioxide is the most commonly produced greenhouse gas. Carbon sequestration is the process of capturing and storing atmospheric carbon dioxide).
Good Governance, Accountability and Transparency.
https://www.soualiganewsday.com/index.php/local/soualiga-news-today/item/26061-prime-minister-romeo-marlin-delivers-address-at-governor’s-symposium.html
